The Competition Commission of India has approved the acquisition of 5.27% stake in Religare Enterprises Ltd. by the Burman family—owners of Dabur India Ltd.
The acquisition will done by four Burman-controlled entities—Puran Associates Pvt., MB Finmart Pvt., VIC Enterprises Pvt., Milky Investment and Trading Co.
The proposed combination envisages the acquisition of 5.27% of the total issued and outstanding equity share capital of Religare Enterprises through open market purchases, and an open offer for up to 26% of the total expanded voting share capital, the CCI said in a press release on Tuesday.
The Burman family plans to establish its presence in financial services through its open offer to Religare Enterprises—a holding company with four business verticals: insurance, financing, broking, and e-governance.
It has a shareholding of 21.17% in Religare, as of December 2023.
The family has investments across various sectors such as home healthcare, restaurants, insurance, consumer goods and FMCG.
In September last year, the Burman family announced an open offer to buy 26% stake in Religare Enterprises for up to Rs 2,116 crore.
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